A padlock typically has a shackle that engages a lock body. The shackle can be opened and then locked to secure a large variety of different objects, such as doors, gates, bicycles, and fences. Given this variety, different shackle sizes may be required to lock any particular object. Generally, a consumer must purchase a different padlock for each shackle size. Consequently, one padlock for one application may be ill-suited for another, requiring an individual to keep an inventory of different padlocks on hand as well as their associated keys.
It is known to provide lock assemblies with removable shackles. One known design achieves this function through a specially designed cam located within the lock body. The cam has one position for locking the shackle to the lock body. A key may be turned to move the cam to unlock the shackle. Further turning of the cam allows the shackle to be removed. The cam has a deep recess so that the shackle may clear the lock body. However, having this deep recess in the cam may weaken the structural integrity of the lock.